The explosions that ripped apart parts of the Chinese port city Tianjin in the summer are set to cost Swiss Re about $250m, the reinsurer forecast on Thursday.
David Cole, finance director, said loss adjusters were still struggling to assess the damage as Chinese officials deal with the toxic fallout, 11 weeks after the blasts.
“We still haven’t really had opportunity to get full access to the site,” he said. “Given the nature of the explosion and potential contamination, the government has been appropriately quite concerned … and restricted access.”
Swiss Re is among the first of the big reinsurers to quantify the financial hit from the calamity, which killed more than 170 people, destroyed warehouses and valuable cargo and damaged thousands of homes for miles around…Read more at FT